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Hi , if you mean is it the only mortgage i have then yes , i have re-mortgaged a few times since 2001 , ended up back at SPML in 2007 , then had difficulty in 2008 , extended terms in 2008 .

Hope this answers your question.

If not please reply.

 

N

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This is a blurb from a claims company as many may be faced with mortgages with this crew running into retirement and the consequent affordability and as you may have received little if any advice from the "regulated brokers" who sold you this product in the first place,there may be grounds to claim a missale. Its not the best written piece I've seen but the principles may be well founded and worthy of investigation.

Just GOOGLE ;lending into retirement and see what it throws up,this article was extracted from the search.

 

 

Mortgages in to retirement may have resulted in you being mis sold mortgage

 

 

In Mis sold | Tags: mis sold mortgage, mis sold mortgages, missold mortgage

Mis sold mortgages can take place for a variety of reasons but we will focus on people who have a mortgage that is going to run past their retirement and give you some guides to determine whether or not you feel if you have been a victim of mis sold mortgage.

The first thing to consider is were you given advice on the monthly costs of your mortgage to retirement and then beyond this point and did you receive 2 illustrations showing you the difference in the monthly amount if not then you may have been a claim for mis sold mortgage.

The next thing to consider in identifying if you may have a missold mortgage case is was your income in retirement discussed, did the advisor get projections of your pension income in retirement to see if it was still affordable in retirement if not then again you may have been a victim of mis sold mortgages.

The next point to consider is did you consolidate debt into your mortgage which resulted in you having to continue mortgage payments in retirement? If so these secured or unsecured debts were and if they were unsecured then again your mortgage sale needs to be looked at for being part of the mis sold mortgage market.

We would suggest that over 70% of mortgages that run into retirement have not been properly advised on and would recommend to all everyone who have a mortgage that runs into retirement to get it checked for being part of the mis sold mortgage market as most of the companies that will check if you have been mis sold mortgages will operate on a no win no fee basis so you have nothing to lose in getting your case checked to see if you have been missold mortgage.

Don’t ignore the situation until you reach retirement as it will not go away and if your income is going to drop substantially in retirement so you need to address the mortgage missold issue sooner rather than later as you do not want to get in to financial difficulty at this time of your life.

Imagine submitting a mis sold mortgage case and being successful and being offered redress for having your mortgage mis sold what difference would this mean to your retirement plans?.

We suggest if your mortgage runs in to retirement we would suggest you address this issue and get a good claims management company to look into your case for you as most win on a no win no fee basis but making a successful claim could make a huge difference to your lifestyle in retirement so get started today and see if you have been mis sold mortgages in the past.

Edited by peterjm
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  • 2 weeks later...

Well that was the kiss of death.

Why,s" it all quiet on the Acenden front " have all fellow combatants been liquidated ,,am I the sole survivor,the last man standing?

If so the message is, theres still no surrender I'll go down fighting.

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No Peterjm I am still fighting too !!

Just got a hilarious letter saying they are ending my payment arrangement because it has expired, now i am not the brightest button in the box but I thought when yu go to court and the judge orders you to pay a certain amount a month to clear your arrears that stood until it was paid off, unless acenden don't have to listen to the judges either and can overturn the court order if they feel like it??? LOL!!

It just makes me wonder when someone will do something about these barstewards but I am willing to wait!!

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Thank God for that at least 2 left.

So cher if they're ending your arrangement what do your payments revert to? the whole things nonsensical the arrangement ends when the debts repaid otherwise it was initially feckin' pointless.

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Hi Peterjm

Well in answer to your question I have no bloomin idea to be honest,:confused: because they don't actually tell me in the letter. I mean this is planet Arcenden we are talking about here! :crazy:They do what they want, because lets face it no one is stopping them at the moment, next thing you know it will be world domination, with:whip: Amany Attia Mine Fhurer:hail: at the helm:jaw:, and all people in arrears will be sent to the gas chambers:painkiller: then there houses pinched, that would save a lot of hassle wouldn't it?

Seriously though they just say( please telephone:phone: us on this number so we can have a little chat about my finaces.lol!):loco:! which are infact worse now than they were when I originally went to court. Maybe they think I have a stash under my bed or something and want to send someone round to have a quick look! ( :frusty:Also Bearing in mind they already have a letter from me saying that in future all correspondence is to be in writing, and I will not discuss anything on the telephone)Do they ever listen or make a note of anything this lot?:der: sometimes I could just :flame:spontaniously combust arhhhhh! sorry loosing the plot a bit these days lol!:madgrin:

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They are complete idiots ! If you are paying the arrears under a court order then they would need to go back to court to get the amount varied - they can't just change the amount because they feel like it! only the court can do that. Just keep paying as you have been doing.

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Hi peterjm and ell-enn:!:

Yes i agree with you and that is what I intend to do, to carry on paying what the court ordered. I am glad you like the smilies :madgrin:peterjm!It just lightens:bounce: the subject with a bit of humour,:lol:because if you don't you would end up :help:dragging yourself into the depths of despair. :Cry:

It is 5 years this month that I started my battle with these imbociles when my arrears were a mere £800, which now have increased to over £4,500:faint: :faint:although I have paid every payment the court ordered me to pay and I have also paid much more on occasions:deadhorse:, and by now I should be in credit lol!!

It is hilarious when you think about it how the hell can the FOS and the FSA just stand back:lalala: and let them do this to people it is beyond my comprehension. I dont know how old you guys are, but I remember the 1970's advert for smash instant potato. Where there are a group of robots sat round and all of a sudden they are rolling about on the floor laughing saying ( They peel them with their metal knives ha ha ha)! Sorry off topic there but that is how I feel sometimes totally gaga.:focus: I think sometimes is it just me that thinks this lot are completely of their heads? :der:

This will make you laugh!! I got a letter today saying they were reversing 1 of the late stage arrears managment fees and 1 of the litigation fees applied to my account I nearly fell over lol!!!

c you guys later off to post my letter to my MP again mmmmm!!!:wave:

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cher

have you done an analysis of your account - payments, credits and charges to see if they are correct? If they are reversing charges it shows that they have found they have made errors - and they are very prone to that. Make sure they have recorded all of your payments against your account - I have found that they do not necessarily do that, or they get the amount or date wrong sometimes.

 

Worth looking at earlier statements and comparing with later statements and any provided to court to look for discrepancies - you may well find some - also check against payments you have made and dates to make sure all are shown on their statements.

 

I also have a suspicion that acenden / spml apply interest charges incorrectly from the actual rates they advise - athough that may depend on the type of mortgage. It is something I am checking out as a very recent reconstruction of an spml interest only mortgage account based on LIBOR plus produces lower interest charges than they have applied using their quoted rates.

 

I believe the interest rate they charge is quoted as annual and fixed quarterly - they then seem to divide this quarterly fix by 3 and treat it as simple monthly (rather than annual) rate. If the annual rate is being used then the monthly rates are less than one twelth (or less than one third of a 3 month fix of rate) because they are compounded throughout the year. Over a few years that makes a big difference.

 

Maybe someone else has already looked into this aspect ? ?

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Cher, how much were your arrears at the time of the court order ? what date was the first payment due under the order?

Help us to keep on helping

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This site is run solely on donations

 

My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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  • 4 weeks later...

This could be interesting.

Investment Banks Charged with "Murder" of Mortgage Boom in the First Degree

 

Financial historians have now cleared yet another page in their 2011 books for the date of September 2, also known as the "Friday Night Massacre." On that day, the U.S. Federal Housing Finance Agency -- on behalf of Fannie Mae and Freddie Mac -- filed a $196 billion lawsuit against 17 of the nation's top-tier investment banks.

The charge: "murder" of the housing mortgage boom in the first degree. Or, in actual legal jargon: For the "omissions of material facts concerning the quality of underlying mortgage loans" sold to Fannie and Freddie only to turn toxic in the 2007 financial bust.

In the words of one news source:

These lenders “acted like organized criminals, financing the sale of products they knew could do nothing but harm. Subprime mortgages proved as bad as drugs in the destruction they have wrought.” (Times Online)

Whether you agree or disagree, the fact is: the subprime mortgage industry was a marked man the moment it went mainstream. Specifically, by 2005’s end, hybrid-adjustable rate mortgages made up 42% of home financing -- versus just 1.9% in 2001.

That year, EWI's March 2005 Elliott Wave Financial Forecast issued these unbelievable -- at the time -- warnings:

· There is "potential for a serious unraveling of the housing market."

· The S&P Homebuilding index would suffer a dotcom-like fall.

· And, "as the most aggressive dispensers of credit to the housing industry, subprime firms are on the front edge of the housing bubble."

Soon after, the July 2005 Elliott Wave Financial Forecast foresaw the bank sector's eventual transformation from poster boy for "achieving the American dream" -- to -- whipping boy for creating the "American housing nightmare." In that issue, our analysts issued this unbelievable insight:

"There's no mistaking it now. The extreme psychology has taken up residence in real estate. Now is the most dangerous time to be on board the home bandwagon. There’s no mistaking who the Enrons of the bust phase will be. They will be the firms now peddling adjustable-rate, no interest/nothing down and assorted other types of subprime mortgages.

Flash ahead to the September 2, 2011 massacre of U.S. bank stocks and the U.S. government's legal blitz against the sector. Goldman Sachs' CEO recently hired the same white-collar criminal defense lawyer who represented the former accounting officer of -- you guessed it -- Enron.

The matrix is intrinsically flawed. Within it is the program for it's own destruction. If you are reading this, you are in the matrix and it's days are numbered...so watch out! :eek:

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BTM if only the powers that be had the courage to do the same here.

The latest filip is the FSA fine of Swift Ist for exactly the same crimes as perpetrated by the shower the subject of this thread.Are they next,how long have we all been waiting?

see here for the final notice :

http://www.fsa.gov.uk/pubs/final/swift_1st.pdf

This could be interesting.

Investment Banks Charged with "Murder" of Mortgage Boom in the First Degree

 

Financial historians have now cleared yet another page in their 2011 books for the date of September 2, also known as the "Friday Night Massacre." On that day, the U.S. Federal Housing Finance Agency -- on behalf of Fannie Mae and Freddie Mac -- filed a $196 billion lawsuit against 17 of the nation's top-tier investment banks.

The charge: "murder" of the housing mortgage boom in the first degree. Or, in actual legal jargon: For the "omissions of material facts concerning the quality of underlying mortgage loans" sold to Fannie and Freddie only to turn toxic in the 2007 financial bust.

In the words of one news source:

These lenders “acted like organized criminals, financing the sale of products they knew could do nothing but harm. Subprime mortgages proved as bad as drugs in the destruction they have wrought.” (Times Online)

Whether you agree or disagree, the fact is: the subprime mortgage industry was a marked man the moment it went mainstream. Specifically, by 2005’s end, hybrid-adjustable rate mortgages made up 42% of home financing -- versus just 1.9% in 2001.

That year, EWI's March 2005 Elliott Wave Financial Forecast issued these unbelievable -- at the time -- warnings:

· There is "potential for a serious unraveling of the housing market."

· The S&P Homebuilding index would suffer a dotcom-like fall.

· And, "as the most aggressive dispensers of credit to the housing industry, subprime firms are on the front edge of the housing bubble."

Soon after, the July 2005 Elliott Wave Financial Forecast foresaw the bank sector's eventual transformation from poster boy for "achieving the American dream" -- to -- whipping boy for creating the "American housing nightmare." In that issue, our analysts issued this unbelievable insight:

"There's no mistaking it now. The extreme psychology has taken up residence in real estate. Now is the most dangerous time to be on board the home bandwagon. There’s no mistaking who the Enrons of the bust phase will be. They will be the firms now peddling adjustable-rate, no interest/nothing down and assorted other types of subprime mortgages.

Flash ahead to the September 2, 2011 massacre of U.S. bank stocks and the U.S. government's legal blitz against the sector. Goldman Sachs' CEO recently hired the same white-collar criminal defense lawyer who represented the former accounting officer of -- you guessed it -- Enron.

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Heres the library edition

 

Swift 1st Limited fined over mortgage arrears failings and will pay an estimated £2.35 million in customer redress

 

media.gif

Tracey McDermott

 

related-headshots-tracey-mcdermott.gifquote_start.gifFirms must ensure they treat their customers fairly.quote_close.gif

 

 

 

FSA/PN/079/2011

08 September 2011

The Financial Services Authority (FSA) has today fined Essex based mortgage lender Swift 1st Limited (Swift) £630,000 for unfair treatment of some customers facing mortgage arrears.

The firm has also agreed to carry out a programme to provide redress to customers who were in arrears, and who were charged certain arrears fees and charges that were excessive. Swift will also provide redress to customers who redeemed their mortgages early where it miscalculated the interest on the redemption balance. It is estimated that the total cost of the redress to customers will be approximately £2.35 million.

The FSA has identified a number of serious failings by Swift which occurred between June 2007 and July 2009 in relation to its arrears fees and charges, and in its dealings with customers in arrears.

These include:

 

  • Swift applied certain charges to its customers’ accounts that were in arrears which were excessive in that they did not reflect a reasonable estimate of the cost of administering an account in arrears.

These were:

 

  • Arrears management fee: a monthly management fee applied to a customer in arrears;
  • Default notice fee: a default fee applied when a customer’s account fell into arrears;
  • Unpaid mortgage payment fee: applied when a cheque, direct debit or standing order was not honoured by a customer’s bank; and
  • Litigation fees: fees applied to customers’ accounts when Swift started legal proceedings.

In addition:

 

  • Swift applied excessive early repayment charges to the redemption figures of customers who were, or had been, in arrears;
  • Swift failed to send all its customers in arrears certain prescribed documents, providing information on the options available to them;
  • Swift focussed on the collection of arrears without always proactively engaging with customers to establish an appropriate “Arrangement To Pay” based on their individual circumstances; and
  • Swift also failed to have adequate systems and controls in place to deal with early redemptions which resulted in some customers who redeemed their mortgages overpaying.

The FSA considers that Swift’s failings are serious as under FSA rules, a firm must consider the interests of its customers and ensure that they are treated fairly. Swift’s failings continued over a significant period of time and impacted about 2,500 customers. As Swift specialised in the sub-prime sector, a number of customers who already had an adverse credit status were put at further risk of financial detriment.

Tracey McDermott, acting director of enforcement and financial crime, said:

“Firms must ensure they treat their customers fairly. Many of Swift’s customers were already in a vulnerable position, having fallen into arrears on their mortgage payments, and they could ill afford excessive and unfair fees. The FSA will take robust action to ensure not only that firms are fined for such failings but also that they identify and compensate customers who have been disadvantaged. The costs of doing so are often much more than the fine.”

Swift reported its failings in relation to early repayment charges and redemption balances to the FSA.

Swift also agreed to settle at an early stage and therefore qualified for a 30% reduction in penalty. Were it not for this discount the FSA would have imposed a financial penalty of £900,000.

Notes to Editors

 

 

  1. Read the Final Notice for Swift 1st Limited.
  2. Swift is the fifth lender referred to enforcement following the FSA’s thematic project on mortgage arrears handling. Final notices were also given for GMAC-RFC, Kensington Mortgages, Redstone Mortgages Limited and DB Mortgages.
  3. In June 2009, the FSA published the results of a review which found continued weaknesses in the way specialist lending firms were handling mortgage arrears and repossessions.
  4. In July 2010, the FSA published proposals to establish stronger standards for responsible lending in the mortgage market and to provide extra protection for vulnerable consumers. Consultation on these proposals closed in November 2010.
  5. The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.

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Heres the library edition

Swift 1st Limited fined over mortgage arrears failings and will pay an estimated £2.35 million in customer redress

Ryde, thanks for posting this. Material like this always comes in handy somewhere.

Scales tipped accordingly.

The matrix is intrinsically flawed. Within it is the program for it's own destruction. If you are reading this, you are in the matrix and it's days are numbered...so watch out! :eek:

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  • 2 weeks later...

I am the starter of this thread and the starter of the spml thread which was over 300 pages long. I have received emails from large contributors to these threads that their comments relating to Acenden formerly Capstone have been removed by the site team without explanation or reason and the contibutors have then been banned from CAG. This is extremely disturbing and the SITE TEAM are urgently requested to: 1)re instate the contributors 2)If removing posts have at least the courtesy to explain why the posts have been removed if necessary by personal notification as has happened in the old days. We are the consumer action group is there pressure now being applied to this group by ACENDEN,this has happened before on the old spml thread I started. ELL-ENN you've helped many on my threads can you please help here?

Edited by Littledotty
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Families suffer home loans torment that watchdogs failed to stem

By Richard Dyson

 

The Financial Services Authority fined mortgage company Swift 1st £630,000 earlier this month and ordered it to compensate borrowers with £2 million of refunds.

 

It was the fifth sub-prime lender so far to be fined for the same wrongdoing. The lenders had unfairly charged borrowers who were in arrears, said the watchdog.

 

Although five businesses have been fined, there are others whose practices appear similarly harsh but which have yet to be censured.

 

Read more: http://www.thisismoney.co.uk/money/mortgageshome/article-2041353/The-home-loans-torment-watchdogs-failed-stem.html#ixzz1Yy40ygn6

Edited by citizenB
Pleaes do not copy and paste whole articles from other sources.
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dotty, I have edited the article from this is money. Please do not copy and paste whole articles.. Just a teaser with a link to the original source.

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Still here and still laughing at Acenden...

 

2nd building insurance reminder sent today..reminding me that I had 7 days...Get real it's not due until December..and then some! Nothing different in that as they do the same every year.

 

What IS funny is that they have sent it to us, asked us to contact ourselves with the new policy, to note ourselves on the insurance and it's signed from us!!! We also reserve the right to make alternative insurance and charge ourselves if details aren't provided!!!

 

What's the phrase? P up in a brewery?....They have excelled themselves and they'll get it faxed straight back for them to scratch their fleas over...Idiots....

 

Crapstone x

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This is a worrying coincidence, IMO..... Anyone else having troubles?

It appears so...a few weeks ago, my post count suddenly dropped by about 8/9 posts.:???: Quite shocking. I messaged 3 site team members about it and have heard back nowt in weeks!

 

Not good eh?:-o

The matrix is intrinsically flawed. Within it is the program for it's own destruction. If you are reading this, you are in the matrix and it's days are numbered...so watch out! :eek:

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Welcome back crapstone,you've been missed.

Still here and still laughing at Acenden...

 

2nd building insurance reminder sent today..reminding me that I had 7 days...Get real it's not due until December..and then some! Nothing different in that as they do the same every year.

 

What IS funny is that they have sent it to us, asked us to contact ourselves with the new policy, to note ourselves on the insurance and it's signed from us!!! We also reserve the right to make alternative insurance and charge ourselves if details aren't provided!!!

 

What's the phrase? P up in a brewery?....They have excelled themselves and they'll get it faxed straight back for them to scratch their fleas over...Idiots....

 

Crapstone x

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